PETROCHINA(SH:601857) 2 1 Shi Ji Jing Ji Bao Dao·2025-04-01 05:08Core Viewpoint - China National Petroleum Corporation (CNPC) aims to achieve high-quality development by 2027, establishing itself as a world-class enterprise while focusing on shareholder returns through dividend distributions [1][2]. Financial Performance - In 2024, CNPC expects to generate revenue of CNY 2.94 trillion, a decrease of approximately 2.5% year-on-year, while achieving a net profit of CNY 164.68 billion, marking a 2% increase and a historical high [2][3]. - The proposed dividend for 2024 is CNY 0.25 per share for the final dividend, totaling approximately CNY 86.02 billion, with a payout ratio of 52.2% [1][2]. Oil and Gas Production - CNPC's average crude oil price for 2024 is projected at USD 74.70 per barrel, a 2.5% decline from USD 76.60 per barrel in the previous year [3]. - The company anticipates a 2.2% increase in oil and gas equivalent production to 1,797.4 million barrels in 2024, with a target of 1,826.6 million barrels by 2025 [6]. Exploration and Reserves - CNPC achieved a reserves replacement ratio of 1.0, the best in five years, and emphasizes the importance of exploration for increasing reserves before production [5][6]. - Significant breakthroughs in exploration were reported in various basins, including Tarim, Sichuan, and Ordos [4][5]. New Energy Development - CNPC is focusing on developing new energy businesses, with plans to generate 4.72 billion kWh from wind and solar power in 2024, and aims for new energy capacity to reach 7% of oil and gas equivalent by 2025 [7][8]. - The company is also expanding its electric vehicle infrastructure, planning to build 2,880 new charging stations and acquire a fully licensed power company to enhance its new energy portfolio [8].